EIZO NANAO CORPORATION

Financial Highlights
Eizo Nanao Corporation and Subsidiaries
Thousands of
U.S. Dollars

Millions of Yen

2007

2008

2009

2009

¥ 95,611¥ 89,308¥ 74,522$ 760,429

Operating income

11,656

8,475

4,302

43,898Net income

7,713

4,433

682

6,959

Total assets

83,56374,54065,621

669,602

Total equity

56,34055,48750,689517,235

Years ended March 31:
Net sales

As of March 31:

Per share data

Yen

Basic net income
Cash dividends applicable to the year

U.S. Dollars¥ 339.35¥ 195.03¥ 30.47

70.00

80.00

70.00

$

0.71

Note : U.S. dollar amounts are provided solely for convenience at the rate of ¥98 to US$1, the approximate exchange rate at March 31, 2009.

FlexScan®

ColorEdge®

1

RadiForce®

FORIS.TV®

0.31

FORIS.HD®

Net Sales

Operating Income

Net Income

Net Sales by Products

Millions of Yen

Millions of Yen

Millions of Yen

Millions of Yen
Monitor for Computer use

7,713

95,611

5,144
51,132

11,65689,308

Amusement Monitor
Other

5,276
38,44274,522

6,472
26,0088,475
4,433
45,59039,33542,042

4,302

682

2007

2008

2009

Total Equity

2007

2008

2009

Basic Net Income per
ShareMillions of Yen
56,34055,487

Yen
339.35

2007

2008

2009

2007

2008

2009

Total Equity per ShareYen
2,478.62

2,441.13

50,6892,270.88

195.03

30.47

2007

2008

2009

2007

2008

2009

2007

2008

2009

2

Consolidated Balance Sheets
Eizo Nanao Corporation and Subsidiaries

Thousands of
U.S. Dollars(Note 1)Millions of Yen

2009

2008

2009

¥ 9,888¥ 13,108$ 100,898

1,998

1,597

20,388Trade notes

482

577

4,918

Trade accounts

10,264

11,506

104,735

Other

191

263

1,949

Allowance for doubtful receivables

(212)

(63)

(2,163)Inventories (Note 5)

16,316

15,684

166,490

Deferred tax assets (Note 9)

2,257

2,184

23,031

593

710

6,050

41,77745,566426,296

Land

3,131

3,131

31,949Buildings and structures

11,794

11,732

120,347

Machinery and equipment

3,872

3,402

39,510Furniture and fixtures

4,172

4,211

42,571March 31, 2009 and 2008ASSETS
CURRENT ASSETS:
Cash and cash equivalents
Short-term investments (Note 4)
Notes and accounts receivables:

Prepaid expenses and other current assets
Total current assets
PROPERTY, PLANT AND EQUIPMENT:

Construction in progress
Total

2

21

22,971

22,476234,398(12,073)(11,033)(123,194)

10,898

11,443111,204

Investment securities (Note 4)

8,783

11,26089,622

Goodwill (Note 6)

1,727

4,407

17,622

Deferred tax assets (Note 9)

1,079

218

11,010

Other assets

1,787

2,077

18,236

Allowance for doubtful receivables

(430)

(431)

(4,388)12,946

17,531132,102¥ 65,621¥ 74,540$ 669,602

Accumulated depreciation
Net property, plant and equipment
INVESTMENTS AND OTHER ASSETS:

Total investments and other assets
TOTAL

See notes to consolidated financial statements.

3

Thousands of
U.S. Dollars(Note 1)Millions of Yen

2009

2008

2009

¥ 7,370¥ 7,378$ 75,204

906

1,799

9,245

395

2,266

4,031

2,647

3,342

27,010

535

538

5,459

11,853

15,323

120,949

2,060

1,989

21,020

10

941

102

1,009

800

10,296

3,079

3,730

31,418

4,426

4,426

45,163

Capital surplus

4,314

4,314

44,020Retained earnings

42,48443,604

433,510

Unrealized gain on available-for-sale securities

1,807

3,362

18,439Foreign currency translation adjustments(1,343)(217)(13,703)

(999)

(2)

(10,194)

50,68955,487517,235¥ 65,621¥ 74,540$ 669,602

LIABILITIES AND EQUITYCURRENT LIABILITIES:
Accounts payable:
Trade accounts
Other
Income taxes payable
Accrued expenses
Other current liabilities
Total current liabilities
LONG-TERM LIABILITIES:
Liability for retirement benefits (Note 7)
Deferred tax liabilities (Note 9)
Other long-term liabilities
Total long-term liabilities
COMMITMENTS AND CONTINGENT LIABILITIES(Notes 12 and 13)
EQUITY (Notes 8 and 14):
Common stock—authorized, 65,000,000 shares;
issued, 22,731,160 shares in 2009 and 2008

Treasury stock—at cost, 409,884 shares in 2009 and
1,011 shares in 2008
Total equity
TOTAL

4

Consolidated Statements of Income
Eizo Nanao Corporation and Subsidiaries
Thousands of
U.S. Dollars(Note 1)Millions of Yen

2009

2008

2009

¥ 74,522¥ 89,308$ 760,429

COST OF SALES (Note 10)55,00565,530561,276

Gross profit

19,517

23,778199,153

15,21515,303

155,255

4,302

8,475

43,898

273

307

2,786

Years Ended March 31, 2009 and 2008

NET SALESSELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Note 10)
Operating income
OTHER INCOME (EXPENSES):Interest and dividend income
Interest expense(39)

Loss on disposal of property, plant and equipment—net(31)

Loss on impairment of goodwill (Note 6)

(57)

(316)

(1,696)(17,306)

Foreign exchange loss—net

(313)

(106)

(3,194)

Loss on valuation of investment securities

(815)

(317)

(8,316)

8

350

81

(2,574)

138(26,265)

1,728

8,613

17,633Current

1,975

3,485

20,153

Deferred

(929)

695

(9,479)

1,046

4,180

10,674682¥ 4,433

Other—net
Other income (expenses)—net
INCOME BEFORE INCOME TAXESINCOME TAXES (Note 9):

Total income taxes
NET INCOME

¥

$

Yen
Years Ended March 31, 2009 and 2008

6,959

U.S. Dollars

2009

2008

¥ 30.47¥ 195.03

70.00

80.00

2009

PER SHARE OF COMMON STOCK (Note 2.q):
Basic net income
Cash dividends applicable to the year

See notes to consolidated financial statements.

5

$

0.31
0.71

Consolidated Statements of Changes in Equity
Eizo Nanao Corporation and Subsidiaries

Years Ended March 31, 2009 and 2008

BALANCE, APRIL 1, 2007
Net income
Cash dividends, ¥80 per share

Thousands

Millions of Yen

IssuedNumber of
Shares ofCommon Stock

CommonStockCapitalSurplus

Unrealized
Foreign
Gain onCurrency
Retained Available-for-sale Translation
Securities Adjustments
Earnings

22,731¥ 4,426¥ 4,314 ¥ 41,016
4,433(1,818)Decrease in retained earnings resulting fromadoption of a new accounting standard on
unification of accounting policies applied
to foreign subsidiaries for the consolidated
financial statements (Note 2.b)
Net decrease in unrealized gain on
available-for-sale securities
Net change in foreign currencytranslation adjustments
BALANCE, MARCH 31, 2008
Net income
Cash dividends, ¥80 per share
Net decrease in unrealized gain on
available-for-sale securities
Net change in foreign currencytranslation adjustments
Purchase of treasury stock
BALANCE, MARCH 31, 2009

¥ 6,629 ¥(43)

TreasuryStock¥(2) ¥ 56,340
4,433(1,818)

(27)

(27)

(3,267)(3,267)(174)

22,731

4,426

4,314

43,604682(1,802)

3,362

(217)

(174)
(2)

(1,555)22,731¥ 4,426¥ 4,314 ¥ 42,484

Total
Equity55,487682(1,802)(1,555)(1,126)(1,126)¥ 1,807 ¥ (1,343)

(997)
(997)
¥ (999) ¥ 50,689

Thousands of U.S. Dollars (Note 1)

Years Ended March 31, 2009 and 2008

BALANCE, MARCH 31, 2008
Net income
Cash dividends, $0.82 per share
Net decrease in unrealized gain on
available-for-sale securities
Net change in foreign currencytranslation adjustments
Purchase of treasury stock
BALANCE, MARCH 31, 2009

CommonStockCapitalSurplus

Unrealized
Foreign
Gain onCurrency
Retained Available-for-sale Translation
Securities Adjustments
Earnings$ 45,163 $ 44,020 $ 444,939 $ 34,306 $ (2,214) $6,959(18,388)(15,867)

Treasury
Stock

Total
Equity(20) $ 566,194
6,959(18,388)(15,867)(11,489)(11,489)(10,174) (10,174)$ 45,163 $ 44,020 $ 433,510 $ 18,439 $ (13,703) $ (10,194) $ 517,235

See notes to consolidated financial statements.

6

Consolidated Statements of Cash Flows
Eizo Nanao Corporation and Subsidiaries
Thousands of
U.S. Dollars(Note 1)Millions of Yen
Years Ended March 31, 2009 and 2008

OPERATING ACTIVITIES:
Income before income taxes
Adjustments for:
Income taxes—paidDepreciation and amortization
Amortization of goodwill
Provision (reversal) of doubtful receivables
Loss on disposal of property, plant and equipment
Loss on impairment of goodwill (Note 6)
Loss on valuation of investment securities
Changes in assets and liabilities:
Decrease in notes and accounts receivable
Increase in inventories
Decrease in accounts payable
Decrease in accrued expenses
Increase in liability for retirement benefits
Other—net
Total adjustments
Net cash provided by operating activities
INVESTING ACTIVITIES:
Purchases of property, plant and equipment
Proceeds from sales of short-term investments and investment securities
Purchases of short-term investments and investment securities
Payment for acquisition of business (Note 11)
Increase in other assets
Net cash used in investing activities
FINANCING ACTIVITIES:
Increase in short-term bank loans
Dividends paid
Purchase of treasury stock

Net cash used in financing activities
FOREIGN CURRENCY TRANSLATION ADJUSTMENT
ON CASH AND CASH EQUIVALENTS
NET DECREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS, END OF YEAR

See notes to consolidated financial statements.

7

2009

2008

2009

¥ 1,728¥ 8,613$ 17,633(3,832)
2,124
804
148
31
1,696
815

(5,003)
1,871
195
(292)
57
317

(39,102)
21,673
8,204
1,510
316
17,306
8,316

1,163
(784)
(353)
(487)
100
496
1,921
3,649

9,697
(4,357)(3,142)
(246)
73
(203)
(1,033)
7,580

11,867(8,000)(3,602)(4,969)1,020
5,063
19,602
37,235(1,270)6,615(7,938)(715)(512)(3,820)(3,303)
15,240(13,088)(6,858)(359)(8,368)(12,959)
67,500(81,000)(7,296)(5,225)(38,980)(1,801)43(1,817)(18,378)(997)(10,173)(2,798)(1,774)(28,551)(251)¥ (3,220)13,108¥ 9,888(61)¥ (2,623)
15,731¥ 13,108(2,561)$ (32,857)
133,755$ 100,898

Notes to Consolidated Financial Statements
Eizo Nanao Corporation and Subsidiaries

1. BASIS OF PRESENTING CONSOLIDATEDFINANCIAL STATEMENTS
The accompanying consolidated financial statements have been preparedin accordance with the provisions set forth in the Japanese Financial
Instruments and Exchange Act and its related accounting regulations,and in conformity with accounting principles generally accepted inJapan ("Japanese GAAP"), which are different in certain respects as
to application and disclosure requirements of International Financial
Reporting Standards.
In preparing these consolidated financial statements, certain
reclassifications and rearrangements have been made to the consolidated
financial statements issued domestically in order to present them in aform which is more familiar to readers outside Japan. In addition, certain
reclassifications have been made in the 2008 consolidated financial
statements to conform to the classifications used in 2009.
The consolidated financial statements are stated in Japanese yen,
the currency of the country in which EIZO NANAO CORPORATION(the "Company") is incorporated and operates. The translations ofJapanese yen amounts into U.S. dollar amounts are included solely forthe convenience of readers outside Japan and have been made at therate of ¥98 to $1, the approximate rate of exchange at March 31, 2009.
Such translations should not be construed as representations that theJapanese yen amounts could be converted into U.S. dollars at that or any
other rate.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESa. Consolidation—The consolidated financial statements as of March
31, 2009 include the accounts of the Company and its 13 (12 in2008) subsidiaries (together, the "Group"). The results of operations
of GETS, Inc., which completed liquidation proceedings on March
31, 2009, are included in the Company's consolidated statements ofincome from April 1, 2008 to the closing date of liquidation.
Under the control concept, those companies in which theCompany, directly or indirectly, is able to exercise control over
operations are fully consolidated.
All significant intercompany balances and transactions have been
eliminated in consolidation. All material unrealized profit included in
assets resulting from transactions within the Group is eliminated.
During the year ended March 31, 2009, EIZO Technologies GmbHhas been included in consolidation as a result of its establishment.
b. Unification of Accounting Policies Applied to Foreign
Subsidiaries for the Consolidated Financial Statements—In
May 2006, the Accounting Standards Board of Japan (the "ASBJ")
issued ASBJ Practical Issues Task Force ("PITF") No.18, "Practical
Solution on Unification of Accounting Policies Applied to Foreign
Subsidiaries for the Consolidated Financial Statements." PITF No.18
prescribes (1) the accounting policies and procedures applied to aparent company and its subsidiaries for similar transactions andevents under similar circumstances should in principle be unified forthe preparation of the consolidated financial statements, (2) financial
statements prepared by foreign subsidiaries in accordance with either
International Financial Reporting Standards or the generally accepted
accounting principles in the United States of America tentatively may
be used for the consolidation process, (3) however, the following
items should be adjusted in the consolidation process so that net
income is accounted for in accordance with Japanese GAAP unlessthey are not material: (a) amortization of goodwill; (b) scheduled
amortization of actuarial gain or loss of pensions that has been
directly recorded in the equity; (c) expensing capitalized development
costs of R&D; (d) cancellation of the fair value model accounting
for property, plant and equipment and investment properties andincorporation of the cost model accounting; (e) recording the prioryears' effects of changes in accounting policies in the consolidated
statements of income where retrospective adjustments to financial
statements have been incorporated; and (f) exclusion of minority
interests from net income, if contained. PITF No.18 was effective forfiscal years beginning on or after April 1, 2008 with early adoption
permitted.
The Company applied this accounting standard effective April 1,
2007.
c. Business Combination—In October 2003, the Business Accounting
Council (the BAC) issued a Statement of Opinion, "Accounting for
Business Combinations," and in December 2005, the ASBJ issued ASBJ

Statement No.7, "Accounting Standard for Business Divestitures"and ASBJ Guidance No.10, "Guidance for Accounting Standard forBusiness Combinations and Business Divestitures."
The accounting standard for business combinations allows
companies to apply the pooling of interests method of accounting
only when certain specific criteria are met such that the businesscombination is essentially regarded as a uniting-of-interests. For
business combinations that do not meet the uniting-of-interests
criteria, the business combination is considered to be an acquisition
and the purchase method of accounting is required. This standard
also prescribes the accounting for combinations of entities undercommon control and for joint ventures.
EIZO Technologies GmbH acquired 100% of the net assets of
the industrial monitor, air traffic control monitor, and graphic board
division of eg-electronic GmbH on February 28, 2009 and accounted
for it by the purchase method of accounting. The related goodwill ischarged to income at acquisition.
d. Cash Equivalents—Cash equivalents are short-term investmentsthat are readily convertible into cash and that are exposed toinsignificant risk of changes in value.
Cash equivalents include time deposits, certificate of deposit andcommercial paper, all of which mature or become due within threemonths of the date of acquisition.
e. Inventories—Prior to April 1, 2008, inventories were stated atcost substantially determined by the average method for finishedproducts and work in process, and by the moving-average method
for raw materials. In July 2006, the ASBJ issued ASBJ Statement
No.9, "Accounting Standard for Measurement of Inventories." This
standard requires that inventories held for sale in the ordinary
course of business be measured at the lower of cost or net selling
value, which is defined as the selling price less additional estimatedmanufacturing costs and estimated direct selling expenses. The
replacement cost may be used in place of the net selling value, if
appropriate. The standard also requires that inventories held for
trading purposes be measured at the market price. The standard was
effective for fiscal years beginning on or after April 1, 2008 with early
adoption permitted.
The Company applied this new accounting standard formeasurement of inventories effective April 1, 2008. The adoption had
no effect on the financial statements.
f. Short-term Investments and Investment Securities—Shortterm investments and investment securities are classified andaccounted for depending on management's intent. Available-forsale securities, which represent securities not classified as either
trading securities or held-to-maturity debt securities, are reported atfair value, with unrealized gains and losses, net of applicable taxes,
reported as a separate component of equity. The cost of availablefor-sale securities sold is determined based on the moving-averagemethod.
Non-marketable available-for-sale securities are stated at cost
determined by the moving-average method.
For other than temporary declines in fair value, investment
securities are reduced to net realizable value by a charge to income.
g. Property, Plant and Equipment—Property, plant and equipment
are stated at cost. Depreciation of property, plant and equipment of
the Company and its domestic subsidiaries is computed substantiallyby the declining-balance method at rates based on the estimateduseful lives of the assets, while the straight-line method is applied
to buildings acquired after April 1, 1998 of the Company and its
domestic subsidiaries, and all property, plant and equipment offoreign subsidiaries. The range of useful lives is principally from 15 to
50 years for buildings and structures, from 7 to 10 years for machineryand equipment, and from 2 to 6 years for furniture and fixtures.
h. Long-lived Assets—The Group reviews its long-lived assets for
impairment whenever events or changes in circumstance indicate thecarrying amount of an asset or asset group may not be recoverable.
An impairment loss would be recognized if the carrying amount ofan asset or asset group exceeds the sum of the undiscounted future
cash flows expected to result from the continued use and eventual
disposition of the asset or asset group. The impairment loss would bemeasured as the amount by which the carrying amount of the asset
exceeds its recoverable amount, which is the higher of the discounted
cash flows from the continued use and eventual disposition of the8asset or the net selling price at disposition.
i. Retirement and Pension Plans—The Company and certain
subsidiaries have a defined contribution pension plan, noncontributory funded pension plan and unfunded retirement benefit
plans which cover substantially all of their employees.
The Group accounted for the liability for retirement benefits basedon the projected benefit obligations and plan assets at the balance
sheet date.
Retirement benefits to directors and corporate auditors arepreviously provided at the amount which would be required if all
directors and corporate auditors retired at the balance sheet date.
In June 2004, the retirement benefit system was abolished, and theamount required to be paid at the time of the abolishment will be
paid to directors and corporate auditors upon their retirement.
j. Research and Development Costs—Research and development
costs are charged to income as incurred.
k. Leases—In March 2007, the ASBJ issued ASBJ Statement No.13,"Accounting Standard for Lease Transactions," which revised theprevious accounting standard for lease transactions issued in June
1993. The revised accounting standard for lease transactions iseffective for fiscal years beginning on or after April 1, 2008 with early
adoption permitted for fiscal years beginning on or after April 1, 2007.
Under the previous accounting standard, finance leases thatdeem to transfer ownership of the leased property to the lessee were
to be capitalized. However, other finance leases were permitted
to be accounted for as operating lease transactions if certain "asif capitalized" information is disclosed in the note to the lessee's
financial statements. The revised accounting standard requires that
all finance lease transactions should be capitalized to recognize leaseassets and lease obligations in the balance sheet. In addition, theaccounting standard permits leases which existed at the transition
date and do not transfer ownership of the leased property to thelessee to be accounted for as operating lease transactions.
The Company applied the revised accounting standard effective
April 1, 2008. In addition, the Company accounted for leases which
existed at the transition date and do not transfer ownership of theleased property to the lessee as operating lease transactions. The
adoption had no effect on the financial statements.
All other leases are accounted for as operating leases.
l. Bonuses to Directors—Bonuses to directors and corporate
auditors are accrued at the year end to which such bonuses are
attributable.
m. Income Taxes—The provision for income taxes is computed basedon the pretax income included in the consolidated statements ofincome. The asset and liability approach is used to recognize deferred
tax assets and liabilities for the expected future tax consequencesof temporary differences between the carrying amounts and thetax bases of assets and liabilities. Deferred taxes are measured byapplying currently enacted tax laws to the temporary differences.
n. Foreign Currency Transactions—All short-term and long-termmonetary receivables and payables denominated in foreign currencies
are translated into Japanese yen at the exchange rates at the balance
sheet date. The foreign exchange gains and losses from translation
are recognized in the consolidated statements of income.
o. Foreign Currency Financial Statements—The balance sheet
accounts of the foreign subsidiaries are translated into Japanese yenat the current exchange rate as of the balance sheet date except for
equity, which is translated at the historical rate.
Differences arising from such translation were shown as "Foreign
currency translation adjustments" in a separate component of equity.
Revenue and expense accounts of foreign subsidiaries aretranslated into yen at the average exchange rate.
p. Derivatives and Hedging Activities—The Group uses derivative
financial instruments to manage its exposures to fluctuations inforeign exchange. Foreign exchange forward contracts and currency
options contracts are utilized by the Group to reduce foreign currency
exchange risks. The Group does not enter into derivatives for tradingor speculative purposes.
Derivative financial instruments and foreign currency transactions
are classified and accounted for as follows: (a) all derivatives arerecognized as either assets or liabilities and measured at fair value,and gains or losses on derivative transactions are recognized in
the consolidated statements of income and (b) for derivatives used
for hedging purposes, if derivatives qualify for hedge accounting
because of high correlation and effectiveness between the hedging

9

instruments and the hedged items, gains or losses on derivatives aredeferred until maturity of the hedged transactions.
The foreign currency forward contracts and currency options
contracts employed to hedge foreign exchange exposures for export
sales and import purchases are measured at the fair value and theunrealized gains/losses are recognized in income.
q. Per Share Information—Basic net income per share is computedby dividing net income available to common shareholders by theweighted-average number of common shares outstanding for theperiod.
Cash dividends per share shown in the consolidated statements
of income are presented on an accrual basis and include interim
dividends paid and year-end dividends to be approved after balance
sheet date.
Diluted net income per share of common stock is not disclosed
herein because the Company has not issued any securities that arepotentially dilutive for the years ended March 31, 2009 and 2008.
r. New Accounting Pronouncements
Business Combinations—On December 26, 2008, the ASBJ issued
a revised accounting standard for business combinations, ASBJ
Statement No.21, "Accounting Standard for Business Combinations."
Major accounting changes under the revised accounting standard are
as follows:(1) The current accounting standard for business combinations allows
companies to apply the pooling of interests method of accounting
when certain specific criteria are met such that the businesscombination is essentially regarded as a uniting-of-interests.
The revised standard requires to account for such businesscombination by the purchase method and the pooling of interests
method of accounting is no longer allowed.
(2) The current accounting standard accounts for the research anddevelopment costs to be charged to income as incurred. Underthe revised standard, an in-process research and development(IPR&D) acquired by the business combination is capitalized as anintangible asset.
(3) The current accounting standard accounts for a bargain purchasegain (negative goodwill) to be systematically amortized within
20 years. Under the revised standard, the acquirer recognizes abargain purchase gain in profit or loss on the acquisition date after
reassessing whether it has correctly identified all of the assets
acquired and all of the liabilities assumed with a review of suchprocedures used.
This standard is applicable to business combinations undertaken
on or after April 1, 2010 with early adoption permitted for fiscal years
beginning on or after April 1, 2009.
Asset Retirement Obligations—On March 31, 2008, the ASBJ
published a new accounting standard for asset retirement obligations,
ASBJ Statement No.18 "Accounting Standard for Asset Retirement
Obligations" and ASBJ Guidance No.21 "Guidance on AccountingStandard for Asset Retirement Obligations." Under this accounting
standard, an asset retirement obligation is defined as a legal
obligation imposed either by law or contract that results from theacquisition, construction, development and the normal operation ofa tangible fixed asset and is associated with the retirement of suchtangible fixed asset.
The asset retirement obligation is recognized as the sum of the
discounted cash flows required for the future asset retirement andis recorded in the period in which the obligation is incurred if areasonable estimate can be made. If a reasonable estimate of theasset retirement obligation cannot be made in the period the asset
retirement obligation is incurred, the liability should be recognizedwhen a reasonable estimate of asset retirement obligation can be
made. Upon initial recognition of a liability for an asset retirement
obligation, an asset retirement cost is capitalized by increasing
the carrying amount of the related fixed asset by the amount of
the liability. The asset retirement cost is subsequently allocated to
expense through depreciation over the remaining useful life of theasset. Over time, the liability is accreted to its present value eachperiod. Any subsequent revisions to the timing or the amount of
the original estimate of undiscounted cash flows are reflected as anincrease or a decrease in the carrying amount of the liability and thecapitalized amount of the related asset retirement cost. This standard
is effective for fiscal years beginning on or after April 1, 2010 withearly adoption permitted for fiscal years beginning on or before
March 31, 2010.

3. BUSINESS COMBINATION
A business combination for the year ended March 31, 2009 was asfollows:
a. Description of Business Combination(1) Name of Company (Transferor): eg-electronic GmbH
(2) Contents of Acquired Business: Developing, manufacturing andselling of monitors for industrial monitor, air traffic control monitor,and graphic board(3) Reason and Purpose of Acquisition: This acquisition affirms
this commitment and opens a new vertical market, Industrial
Automation and Automotive. Taking synergy from the Company
and EIZO GmbH, this acquisition strengthens the Group's overall
R&D power and the Group's production capability in Germany,and further drives the market penetration of the Air Traffic Control
monitor business.
(4) Date of Business Combination: February 28, 2009
(5) Legal Form of Business Combination: Business transfer(6) Name of Company (Transferee): EIZO Technologies GmbH
b. Period for Acquired Business Included in the Consolidated
Financial Statements
From March 1 to 31, 2009c. Description of Acquisition Costs
Thousands of Euro

Initial payment of purchase priceAccrued amount of purchase priceTotal acquisition costs
d. Goodwill€ 5,604984€ 6,588

Name of company (transferee):
Goodwill:

EIZO Technologies GmbH
€3,000 thousand

Nature of goodwill:

Acquired products are expected to generatehigh profitability.

Method and useful
lives of amortization:

The related goodwill is charged to income atacquisition.

e. Assets Received and Liabilities Assumed on the Date ofBusiness Transfer
Thousands of EuroName of company (transferee)
Current assets
Non-current assets:
Goodwill
Other
Total

EIZO Technologies GmbH€ 3,086
3,000
645€ 6,731

Current liabilities
Total
Total acquisition costs

€ 143
€ 143
€ 6,588
A business combination for the year ended March 31, 2008 was asfollows:
a. Description of Business Combination(1) Name of Company (Transferor): Siemens Automation and Drives(2) Contents of Acquired Business: Developing, manufacturing andselling of monitors for medical business around modality and PACS
(Picture Archiving and Communication Systems) applications(3) Reason and Purpose of Acquisition: To have an excellent
reputation in this industry sector and now offers, with the Siemens
medical monitor portfolio, excellent joint growth opportunities
under one roof, which could create a strong basis for boosting
Eizo's medical monitor business(4) Date of Business Combination: October 31, 2007
(5) Legal Form of Business Combination: Business transfer(6) Name of Company (Transferee): EIZO GmbH, Eizo Nanao
Technologies Inc.

b. Period for Acquired Business Included in the Consolidated
Financial Statements
From November 1, 2007 to March 31, 2008
c. Description of Acquisition Costs
Thousands of Euro

Purchase priceDirect costs
Total acquisition costs
d. Goodwill

Name of company (transferee):€ 50,385
787€ 51,172

EIZO GmbH

Eizo Nanao
Technologies Inc.
€1,400 thousand

Goodwill:€27,796 thousand

Nature of goodwill:

Acquired products are expected to generatehigh profitability.

Method and useful
lives of amortization:

Goodwill are amortized over ten years by thestraight-line method.

e. Assets Received and Liabilities Assumed on the Date ofBusiness Transfer
Thousands of EuroName of company (transferee)

EIZO GmbH

Eizo Nanao
Technologies Inc.

Current assets
Non-current assets:
Goodwill
Intangible assets (other)
Research and development costs
Other
Total

€ 14,182€ 1,121

27,796
2,800
8,300
1,474
€ 54,552

1,400

Current liabilities
Non-current liabilities
Total
Total acquisition costs€ 2,874506€ 3,380€ 51,172€ 2,521€ 2,521€ 2,521

Research and development costs are charged to income for the year
ended March 31, 2008.
Amortization of goodwill is ¥195 million for the year ended March 31,
2008.

4. SHORT-TERM INVESTMENTS AND INVESTMENT
SECURITIESShort-term investments and investment securities as of March 31, 2009
and 2008 consisted of the following:
Millions of Yen

Short-term investments—Debt securities
Total

Thousands of
U.S. Dollars

2009

2008

2009

¥ 1,998¥ 1,998¥ 1,597¥ 1,597$ 20,388$ 20,388

Investment securities:
Marketable equity securities¥ 8,211¥ 10,045$ 83,786
Non-marketable equity securities
16
16
163
Debt securities
298
Others
556
901
5,673
¥ 8,783¥ 11,260$ 89,622
Total
The carrying amounts and aggregate fair values of the securities
classified as available-for-sale at March 31, 2009 and 2008 were as
follows:

10

Millions of Yen
Cost

March 31, 2009
Securities classified as available-for-sale:
Equity securities
Debt securities
OthersTotal
March 31, 2008
Securities classified as available-for-sale:
Equity securities
Debt securities
Others
Total

Unrealized
Gains

Unrealized
LossesFair
Value¥ 4,189¥ 1,155¥ 4,1893¥ 1,158¥ 8,211
1,998
406¥ 10,615¥ 5,177
1,998
409¥ 7,584¥ 4,400
1,897
902¥ 7,199¥ 5,886
1
4¥ 5,891

¥

¥

241
3
5
249

¥ 10,045
1,895
901¥ 12,841

Thousands of U.S. Dollars
Cost

Unrealized
Gains

Unrealized
LossesFair
Value

March 31, 2009
Securities classified as available-for-sale:
Equity securities$ 52,827 $ 42,745 $ 11,786 $ 83,786
Debt securities
20,38820,388
4,173
30
4,143
Others$ 77,388 $ 42,745 $ 11,816 $108,317
Total
Available-for-sale securities whose fair values are not readily determinable
as of March 31, 2009 and 2008 were as follows:
Carrying AmountThousands of
U.S. Dollars

Millions of Yen

2009

2008

Due in one year or lessDue after one year through five years
Due after five years through ten years
Due over ten years
Total

Thousands of U.S. Dollars
Available-for-sale¥ 2,061164
49
208¥ 2,482$ 21,031
1,673
500
2,123
$ 25,327

5. INVENTORIESInventories at March 31, 2009 and 2008 consisted of the following:
Millions of Yen

Finished products
Work in process
Raw materials and supplies
Total

6. LONG-LIVED ASSETS

2009¥ 3,4032,331
10,582¥ 16,316

2008¥ 4,7882,005
8,891¥ 15,684

Thousands of
U.S. Dollars

2009$ 34,724
23,786
107,980$ 166,490

The total loss on impairment of long-lived assets at March 31, 2009amounted to ¥1,696 million ($17,306 thousand). The contents of
impairment were goodwill of ¥1,521 million ($15,520 thousand) from
EIZO GmbH and goodwill of ¥175 million ($1,786 thousand) from Eizo

11

7. RETIREMENT AND PENSION PLANS

The Company and its certain subsidiaries have severance payment plans for
employees, directors and corporate auditors.
Under most circumstances, employees terminating their employment
are entitled to retirement benefits determined based on the rate of pay
at the time of termination, years of service and certain other factors.
Such retirement benefits are made in the form of a lump-sum severance
payment from the Company or from certain subsidiaries and annuity
payments from a trustee. Employees are entitled to larger payments if
the termination is involuntary, by retirement at the mandatory retirementage, by death, or by voluntary retirement at certain specific ages prior tothe mandatory retirement age.
The liability for employees' retirement benefits at March 31, 2009 and2008 consisted of the following:
Millions of Yen

Thousands of
U.S. Dollars

2009
2008
2009
¥ 2,936¥ 3,179$ 29,959(1,119)(1,274)(11,418)
138
(22)
1,408
¥ 1,955¥ 1,883$ 19,949
The components of net periodic benefit costs for the years ended March
31, 2009 and 2008 are as follows:

Projected benefit obligation
Fair value of plan assets
Unrecognized actuarial gain (loss)
Net liability

Millions of Yen

2009

Available-for-sale:
Equity securities
¥ 16
¥ 16
$ 163
150
1,530
Others
Total
¥ 166
¥ 16
$ 1,693
The carrying values of debt securities and others by contractual maturities
for securities classified as available-for-sale at March 31, 2009 are as
follows:
Millions of Yen
Available-for-saleNanao Technologies Inc.
The recoverable amount of the goodwill of EIZO GmbH was measured
at its value in use and the discount rate used for computation of present
value of future cash flows was 10%.
The recoverable amount of the goodwill of Eizo Nanao Technologies
Inc. was measured at its value in use, but the prospect of the future cash
flow generated from Eizo Nanao Technologies Inc. business is estimatedto be negative. As the result, the whole carrying amount of Eizo Nanao
Technologies Inc. goodwill was written down.
No impairment loss was recognized in 2008.

Thousands of
U.S. Dollars

2009
2008
2009
¥ 395
¥ 420
$ 4,031
82
49
837
(29)
(32)
(296)
(40)
2
(409)
¥ 408
¥ 439
$ 4,163
Assumptions used for the years ended March 31, 2009 and 2008 are set
forth as follows:

Service cost
Interest cost
Expected return on plan assets
Recognized actuarial (gain) loss
Net periodic benefit costs

2009
2008
Discount rate
2.0%–6.3%
2.0%–5.65%
Expected rate of return on plan assets
0.5%–3.5%
3.0%–4.4%
5 years
5 years
Recognition period of actuarial gain/loss
The liability for retirement benefits at March 31, 2009 and 2008 fordirectors and corporate auditors is ¥106 million ($1,082 thousand),
respectively.

8. EQUITY
Since May 1, 2006, Japanese companies have been subject to theCompanies Act of Japan (the "Companies Act"). The significant
provisions in the Companies Act that affect financial and accounting
matters are summarized below:
a. Dividends
Under the Companies Act, companies can pay dividends at any time
during the fiscal year in addition to the year-end dividend upon
resolution at the shareholders meeting. For companies that meetcertain criteria such as; (1) having the Board of Directors, (2) having
independent auditors, (3) having the Board of Corporate Auditors,and (4) the term of service of the directors is prescribed as one year
rather than two years of normal term by its articles of incorporation,
the Board of Directors may declare dividends (except for dividends inkind) at any time during the fiscal year if the company has prescribedso in its articles of incorporation. The Company meets all the abovecriteria.
The Companies Act permits companies to distribute dividends-inkind (non-cash assets) to shareholders subject to a certain limitation
and additional requirements.
Semiannual interim dividends may also be paid once a year upon
resolution by the Board of Directors if the articles of incorporationof the company so stipulate. The Companies Act provides certain
limitations on the amounts available for dividends or the purchase oftreasury stock. The limitation is defined as the amount available for
distribution to the shareholders, but the amount of net assets after
dividends must be maintained at no less than ¥3 million.
b. Increases/Decreases and Transfer of Common Stock,
Reserve and Surplus
The Companies Act requires that an amount equal to 10% of
dividends must be appropriated as a legal reserve (a componentof retained earnings) or as additional paid-in capital (a componentof capital surplus) depending on the equity account charged upon
the payment of such dividends until the total of aggregate amountof legal reserve and additional paid-in capital equals 25% of thecommon stock. Under the Companies Act, the total amount ofadditional paid-in capital and legal reserve may be reversed without
limitation. The Companies Act also provides that common stock, legal
reserve, additional paid-in capital, other capital surplus and retained
earnings can be transferred among the accounts under certain
conditions upon resolution of the shareholders.
c. Treasury Stock and Treasury Stock Acquisition Rights
The Companies Act also provides for companies to purchase treasury
stock and dispose of such treasury stock by resolution of the Boardof Directors. The amount of treasury stock purchased cannot exceed
the amount available for distribution to the shareholders which isdetermined by specific formula.
Under the Companies Act, stock acquisition rights are presented asa separate component of equity.
The Companies Act also provides that companies can purchaseboth treasury stock acquisition rights and treasury stock. Suchtreasury stock acquisition rights are presented as a separate
component of equity or deducted directly from stock acquisitionrights.

9. INCOME TAXESThe Company and its domestic subsidiaries are subject to Japanesenational and local income taxes which, in the aggregate, resulted in anormal effective statutory tax rate of approximately 40.4% for the years
ended March 31, 2009 and 2008.
The tax effects of significant temporary differences and tax loss
carryforwards which resulted in deferred tax assets and liabilities at
March 31, 2009 and 2008 are as follows:
Thousands of
U.S. Dollars

Millions of Yen

Deferred tax assets:
Inventories
Pension and severance costs
Tax loss carryforwards
Accrued expenses
Other
Less valuation allowance
Total
Deferred tax liabilities:
Unrealized gain on
available-for-sale securities
Other
Total

2009

2008

2009

¥ 1,200
741
1,178
832
2,759
(2,132)
4,578¥ 1,034
729
609
906
2,466
(1,960)3,784$ 12,245
7,561
12,0208,490
28,154(21,755)
46,715(1,225)(57)(1,282)(2,282)(80)(2,362)(12,500)(582)(13,082)¥ 3,296¥ 1,422$ 33,633
Net deferred tax assets
Deferred assets and liabilities were included in the consolidated balance
sheets as follows:

Thousands of
U.S. Dollars

Millions of Yen

Current assets—Deferred tax assets

2009

2008

2009

¥ 2,257¥ 2,184$ 23,031

1,079

218

11,010

(30)

(39)

(306)

Investments and other assets—
Deferred tax assets
Current liabilities—
Other current liabilities
Long-term liabilities—
Deferred tax liabilities

(10)

(941)

(102)

Net deferred tax assets¥ 3,296¥ 1,422$ 33,633

Reconciliations between the normal effective statutory tax rates and theactual effective tax rates reflected in the accompanying consolidated
statements of income for the years ended March 31, 2009 and 2008 are
as follows:
2009
2008
Normal effective statutory tax rate
40.4%
40.4%
(3.2)
Tax credit for research expenses(13.8)
18.7
9.0
Increase in less valuation allowance
2.3
15.2
Other—net
48.5%
60.5%
Actual effective tax rate
At March 31, 2009, certain subsidiaries have tax loss carryforwards
aggregating approximately ¥3,205 million ($32,703 thousand) which
are available to be offset against taxable income of such subsidiaries infuture years. These tax loss carryforwards, if not utilized, will expire as
follows:
Year Ending March 31

2010
2011
2012
2013
2014 and thereafter
Total

Millions of Yen

¥

2
36
115
5
3,047
¥ 3,205

Thousands of
U.S. Dollars

$

20
367
1,173
51
31,092$ 32,703

10. RESEARCH AND DEVELOPMENT COSTS
Research and development costs charged to income were ¥5,306
million ($54,143 thousand) and ¥6,244 million for the years ended
March 31, 2009 and 2008, respectively.

11. CASH FLOW INFORMATION
Assets and liabilities which were increased by business transfer and thepayment for business transfer for the year ended March 31, 2009 wereas follows:
Millions of Yen

Thousands of
U.S. Dollars

Current assets¥ 394$ 4,020
Non-current assets
82
837
383
3,908
Goodwill¥ 859$ 8,765
Total
¥ 19
$ 194
Current liabilities
¥ 19
$ 194
Total
Initial payment of purchase price¥ 840$ 8,571125
1,275
Accrued amount of purchase price¥ 715$ 7,296
Payment for acquisition of business
Assets and liabilities which were increased by business transfer and thepayment for business transfer for the year ended March 31, 2008 wereas follows:

12Millions of Yen

Current assets
Non-current assets
Goodwill
Total
Current liabilities
Non-current liabilities
Total
Total acquisition costs
Research and development costs
Payment for acquisition of business¥ 2,0422,012
4,678¥ 8,732
¥ 465
81
¥ 546
¥ 8,186
1,328¥ 6,858

12. LEASESThe Group leases certain machinery, equipment and other assets.
Total lease payments under financing leases arrangements that do
not transfer ownership of the leased property to the Company and its
domestic subsidiaries were ¥5 million ($51 thousand) and ¥5 million forthe years ended March 31, 2009 and 2008, respectively.
As discussed in Note 2.k, the Company accounts for leases which
existed at the transition date and do not transfer ownership of theleased property to the lessee as operating lease transactions. Pro
forma information of such leases existing at the transition date, such as
acquisition cost, accumulated depreciation, obligations under financeleases, depreciation expense, interest expense, on an "as if capitalized"
basis for the years ended March 31, 2009 and 2008 was as follows:
2009
Total

13. DERIVATIVESThe Group enters into derivative contracts, including foreign
currency forward contracts and currency options contracts to hedge
foreign exchange risk associated with certain assets and liabilities
denominated in foreign currencies.
All derivative transactions are entered into to hedge foreign
currency exposures incorporated within its business. Accordingly,
market risk in these derivatives is basically offset by opposite
movements in the value of hedged assets or liabilities.
Because the counterparties to these derivatives are limited to majorinternational financial institutions, the Group does not anticipate any
losses arising from credit risk.
Derivative transactions entered into by the Group have been madein accordance with internal policies which regulate the authorizationand credit limit amount.
The Group had the following derivatives contracts outstanding at
March 31, 2009 and 2008:
Millions of Yen

2009
Contract
AmountBuying Japanese ¥

¥ 21

¥ 22

¥ 22

Accumulated depreciation

16

16

12

12

Net leased property

¥ 5

¥ 5

¥ 10

¥ 10

$ 214

Accumulated depreciation

163

163

Net leased property

$ 51

$ 51

¥ (2)

¥ 473

Fair
Value

Unrealized
Loss

¥ 61

¥ (2)

¥ (5)

¥ (5)

2009

Buying Japanese ¥Contract
AmountFair
Value

Unrealized
Loss

$ 622

$ (20)$ (20)

The contract or notional amounts of derivatives which are shown in theabove table do not represent the amounts exchanged by the partiesand do not measure the Group's exposure to credit or market risk.

14. SUBSEQUENT EVENT

Obligations under finance leases:
Millions of Yen

2009
¥3
2
¥5

2008
¥ 4
6
¥ 10

Thousands of
U.S. Dollars

2009
$ 31
20
$ 51

The amount of obligations under finance leases includes the imputed
interest expense portion.
Depreciation expense, which is not reflected in the accompanying
consolidated statements of income, computed by the straight-line
method, was ¥5 million ($51 thousand) and ¥5 million for the years
ended March 31, 2009 and 2008, respectively.
The minimum rental commitments under noncancelable operatingleases at March 31, 2009 and 2008 were as follows:

13

Contract
Amountforward contracts—
Total

$ 214

Due within one year
Due after one year
Total

Unrealized
Loss

Foreign currency

2009

Acquisition cost

Fair
Value

2008

Thousands of U.S. Dollars

Thousands of U.S. Dollars

MachineryandEquipment

2009$ 1,020
1,878$ 2,898

forward contracts—
Total

¥ 21

Acquisition cost

2008
¥ 77
156
¥ 233

Foreign currency

2008
MachineryandEquipment

2009
¥ 100
184
¥ 284

Due within one year
Due after one year
Total

Millions of Yen

MachineryandEquipment

Thousands of
U.S. Dollars

Millions of Yen

The following appropriation of retained earnings at March 31, 2009
was approved at the Board of Directors meeting held on May 25, 2009:

Year-end cash dividends, ¥30 ($0.3) per share

Millions of Yen

Thousands of
U.S. Dollars¥ 670$ 6,837

15. SEGMENT INFORMATION
Information about industry segments, geographical segments and sales
to foreign customers of the Group for the years ended March 31, 2009
and 2008 is as follows:(1) Industry Segments
The Group is primarily engaged in the manufacture, development
and sales of products in the visual display system and related
products. Under Japanese accounting regulations, the Group is not
required to disclose industry segment information because its mainindustry segment represented more than 90% of its operations.

(2) Geographical Segments
The geographical segments of the Group for the years ended March
31, 2009 and 2008 are summarized as follows:
Millions of Yen
2009
Japan

Sales to customers
Interarea transfer
Total sales
Operating expenses
Operating income (loss)
Total assets¥ 62,398
4,319
66,71758,564¥ 8,153¥ 41,591

EuropeNorth
America

Eliminations/
Corporate¥ 8,874
1,061
9,935
11,118¥ (1,183)¥ 7,379¥ 3,250
20
3,270
3,259
¥
11
¥ 931

¥ (5,400)(5,400)(2,721)¥ (2,679)¥ 15,720

74,52270,220¥ 4,302¥ 65,621

EuropeNorth
America

Eliminations/
Corporate

Consolidated¥ 6,728
638
7,366
8,883
¥ (1,517)¥ 10,584¥ 3,772
16
3,788
3,633
¥ 155
¥ 1,460¥ (5,476)(5,476)(2,872)¥ (2,604)¥ 18,054

89,30880,833¥ 8,475¥ 74,540

North
America

Eliminations/
Corporate

Consolidated$ 33,163
204
33,36733,255$ 112$ 9,500$ (55,102)(55,102)(27,765)$ (27,337)$ 160,408

Consolidated¥ 74,522

Millions of Yen
2008
Japan

Sales to customers
Interarea transfer
Total sales
Operating expenses
Operating income (loss)
Total assets¥ 78,808
4,822
83,63071,189¥ 12,441¥ 44,442¥ 89,308

Thousands of U.S. Dollars
2009
Japan

Sales to customers
Interarea transfer
Total sales
Operating expenses
Operating income (loss)
Total assets$ 636,715
44,071
680,786
597,592$ 83,194$ 424,398

Europe$ 90,551
10,827
101,378
113,449$ (12,071)$ 75,296$ 760,429
760,429
716,531$ 43,898$ 669,602(3) Sales to Foreign Customers
Sales to foreign customers for the years ended March 31, 2009 and2008 consisted of the following:Thousands of
U.S. Dollars

Millions of Yen

Europe

2009

2008

2009

¥ 21,083¥ 24,256$ 215,133

North America

3,200

3,524

32,653

Other

1,815

2,516

18,520¥ 26,098¥ 30,296$ 266,306

Total

14

Independent Auditors’ Report
Eizo Nanao Corporation

INDEPENDENT AUDITORS' REPORTTo the Board of Directors of
EIZO NANAO CORPORATION:
We have audited the accompanying consolidated balance sheets of EIZO NANAO CORPORATION andsubsidiaries (the "Company") as of March 31, 2009 and 2008, and the related consolidated statements of income,changes in equity, and cash flows for the years then ended, all expressed in Japanese yen. These consolidated
financial statements are the responsibility of the Company's management. Our responsibility is to express an
opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, theconsolidated financial position of EIZO NANAO CORPORATION and subsidiaries as of March 31, 2009 and2008, and the consolidated results of their operations and their cash flows for the years then ended in conformity
with accounting principles generally accepted in Japan.
Our audits also comprehended the translation of Japanese yen amounts into U.S. dollar amounts and, in our
opinion, such translation has been made in conformity with the basis stated in Note 1. Such U.S. dollar amounts
are presented solely for the convenience of readers outside Japan.

June 25, 200915

Corporate Data
(As of March 31, 2009)

Board of Directors andStatutory Auditors(As of September 1, 2009)

Company Name
Eizo Nanao Corporation

Board of Directors

EstablishedMarch 1968

President and CEO
Yoshitaka Jitsumori

Capital¥4,425,745,500

Executive Vice President and CFO
Tsutomu Tanabe

Address
153 Shimokashiwano, Hakusan,
Ishikawa, 924-8566, Japan
Phone: +81-76-275-4121
Fax: +81-76-275-4125

Directors
Kazuya Maeda
Masaki Ono
Yuichi Murai
Kazuhide Shimura
Hidetsune Iseki

Employees on a Consolidated Basis
1,460
Business Activities
Development, design, manufacturing
and sale of display monitors andperipherals, amusement products, andimaging system software.

Statutory Auditors
Standing Corporate Auditor
Eiichi Ueno
Corporate Auditors
Shuji Taniho
Masakatsu Atarashi
Masafumi Kubo

Managing Officer
Executive Managing Officer
Kazuya Maeda
Managing Officer
Masaki Ono
Yuichi Murai
Kazuhide Shimura
Eiji Tsurumi
Shigekazu Matsumoto
Muneharu Yamamoto
Toshimine Hiraki
Shuichi Arima
Hidenori Kojima
Kiichiro Akitsune

16

Shareholders‘ Information(As of March 31, 2009)

Total Number of Shares Authorized
65,000,000
Number of Shares Issued
22,731,160
Shares Listed On
The first section of the Tokyo Stock Exchange
Number of Shareholders
14,458Major Shareholders
The Master Trust Bank of Japan, Ltd.
(Investment Trust Account)
Japan Trustee Service Bank, Ltd.
(Investment Trust Account 4G)
Yasutaka Murata
Tsuneo Murata
Naoki Murata
Tetsu Takashima
Japan Trustee Service Bank, Ltd.
(Investment Trust Account)
Hiroshi Murata
The Hokkoku Bank, Ltd.
The Hokuriku Bank, Ltd.

Distribution of Shares
by Type of Shareholders

Number of Shares Held(Thousands)

Percentage of
Voting Rights (%)

1,849

8.14

1,328

5.84

1,135
1,135
1,135
1,083

4.99
4.99
4.99
4.77

957

4.21

902
531
422

3.97
2.34
1.86

Distribution of Sharesby Number of Shares

Financial Institutions
6,291,616 shares

Securities Firms
220,057 shares

500,000 or more
2,391,140 shares

100,000 or more
4,628,056 shares
50,000 or more
1,703,910 shares

1,000,000 or more
7,667,960 shares

10,000 or more
1,489,050 shares
Other Firms
1,614,610 shares
Foreign Companies
2,819,412 shares
Individuals and others
11,375,581 shares

17

Treasury Stock409,884 shares

5,000 or more
425,700 shares
under 100
1,567 shares
100 or more
1,746,165 shares

500 or more
690,300 shares

1,000 or more
1,987,312 shares

Group Network(As of September 1, 2009)

EIZO EUROPE AB
EIZO GmbHEIZO TECHNOLOGIESEIZO NANAO AGGmbHEIZO NANAO CORPORATIONEIZO NANAOTECHNOLOGIES INC.
TECH SOURCE, INC.

Eizo Nanao Corporation Headquarters
Overseas Group Companies
Overseas Distribution

Overseas Network
EIZO NANAO TECHNOLOGIES INC.
5710 Warland Drive Cypress, CA 90630, U.S.A.
Phone: +1-562-431-5011 Fax: +1-562-431-4811
TECH SOURCE, INC.
442 Northlake Blvd Altamonte Springs, FL 32701, U.S.A.
Phone: +1-407-262-7100 Fax: +1-407-339-2554
EIZO EUROPE AB
Lövängsvägen 14 194 61 Upplands Väsby, Sweden
Phone: +46-8-594 105 00 Fax: +46-8-590 91 575

Eizo Nanao Corporation
Domestic Network

EIZO NANAO AG
Moosacherstrasse 6, Au, CH-8804 Wädenswil, Switzerland
Phone: +41-0-44-782 24 40 Fax: +41-0-44-782 24 50

Domestic Support Network

EIZO GmbH
Siemensallee 84, 76187 Karlsruhe, Germany
Phone: +49-721-20321-0 Fax: +49-721-20321-471
EIZO Technologies GmbH
Bürgermeister-Seidl-Str. 8, 82515 Wolfratshausen, Germany
Phone: +49-8171-3492-11 Fax: +49-8171-3492-16
Domestic Network
EIZO NANAO MS CORPORATION
37-9 Re, Jike, Hakui, Ishikawa 925-8566, Japan
Phone: +81 767 22-7121 Fax: +81 767 22-6601
IREM SOFTWARE ENGINEERING INC.
655 Fukudome, Hakusan, Ishikawa 924-8533, Japan
Phone: +81 76 277-3800 Fax: +81 76 277-3622
EIZO SUPPORT NETWORK CORPORATION
153 Shimokashiwano, Hakusan, Ishikawa 924-8566, Japan
Phone: +81 76 274-2424 Fax: +81 76 274-2416

NANAO AGENCY CORPORATION
153 Shimokashiwano, Hakusan, Ishikawa 924-8566, Japan
Phone: +81 76 274-0035 Fax: +81 76 274-0041
EIZO ENGINEERING CORPORATION
153 Shimokashiwano, Hakusan, Ishikawa 924-8566, Japan
Phone: +81 76 274-2448 Fax: +81 76 274-0041

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EIZO NANAO CORPORATION
153 Shimokashiwano‚ Hakusan, Ishikawa 924-8566, Japan
Tel: +81-76-275-4121, Fax: +81-76-275-4125
http://www.eizo.com/